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RESOLUTION NOs:: ..0cg <br /> A RESOLUTION authorizing the issuance of <br /> installment notes for financing the cost of LID <br /> 722 - 112th Street SE and establishing the <br /> interest rate on the installment notes and the <br /> outstanding L . I . D. assessments . <br /> WHEREAS , RCW Chapter 35 .45 authorizes the City to issue <br /> installment notes to provide permanent financing for the costs <br /> incurred in local improvement districts , and <br /> WHEREAS , the interest rate on the installment notes and <br /> on the outstanding LID assessments must be established by City <br /> Council . <br /> NOW , THEREFORE , BE IT RESOLVED by the City Council of <br /> the City of Everett : <br /> that the Mayor is authorized to sign installment notes <br /> on LID 722 - 112th Street SE in an amount not to exceed <br /> $262 , 000. 00 and maturing no later than July 25 , 2010 ; <br /> that the rate of interest on the outstanding LID <br /> assessments is set at Eight and one half percent ( 8 . 5%) per <br /> annum , and <br /> that the rate of interest o- the installment notes is <br /> set at Eight percent ( 8%) . <br /> Co col Member Introducing Resolution <br /> PASSED AND APPROVED this day of July , 1988 . <br /> 0 11('(/‘76-" <br /> Council President <br /> 0003E (2 ) <br />